Likely Greek Default Worries Market

By David Brown, Chief Market Strategist, Sabrient Systems

After last week’s stellar performance, the markets dropped into negative territory today, as investors realized that Greece might actually be allowed to default.

The abundance of news last week -- most with a positive slant -- finally boosted the S&P 500 out of the Channel of Gloom in which it was mired for so long. Not only did the S&P 500 break out of the channel, but it is now threatening the 200-day moving average, having surpassed the 50-day MA last week.